The Portuguese Association of Insurers has reported that insurance policy pay-outs of €15.5 million have been agreed as a result of the storm that flooded downtown Albufeira and other areas on the Algarve coastline on November 1st.
This figure, according to the Association, "confirms the previously observed trend of increasing support from the insurance business to the victims."
"Data collected by the Association from the various insurers show the number of claims on insurance policies is around 1,800, corresponding to a total amount of compensation already paid and still to be cleared of over €15.5 million," reported the Association.
The insurers Association explained that "the greatest number of open claims (over 1,100) relate to damage to housing, which are in the region of €5.6 million."
The APS noted that "the bulk of the damage in monetary terms is at commercial and industrial establishments, more than €9.2 million from about 365 claims."
"Claims for damage to motor vehicles amount to 170 cases, the amount of which exceeds €550,000," the Association reported.
The Portuguese Association of Insurers also considered that the amounts agreed underline the importance of insuring for the replacement cost of assets, for living costs of displaced families and for interrupted production on farms.
Albufeira was the worst affected by the November storm and torrential downpour which swept along the Algarve coast hitting many tourist areas.
Civil engineering works, approved by the previous council administration under mayor Desidério Silva, went ahead despite having no license from the regional hydrographic board which previously had warned that the poor and inappropriate design would result in flooding should heavy rainfall hit the area.
Silva has refused to comment and now runs the Algarve region's tourist authority.
